As simpler as funding your residential investment has become with the availability of
several loan plans offered by banks today, it also involves an equal amount of risk. As
a buyer, without proper knowledge about things that are necessary, you might end up
making a costly mistake. Not all real estate companies provide consulting services, and
you also would not find many home buying guides in Chennai. To help you with
this, we at DAC have compiled everything you need to know about buying a home in this
If you are looking to buy a flat in Chennai, now is the right time! You don’t have to wait to save up the whole amount necessarily! Many lenders are willing to provide you with various loan plans at competitive rates. At DAC, we ensure our customers are aware of the different options they have and provide them with the guidance they require in making a well-informed decision.
At DAC, we offer 2/3 BHK flats for sale in Chennai’s prime locations, including
Tambaram, Chromepet, Pallavaram, Pammal, and Chitlapakkam. Our homes range from
well-located residential apartments to a premium gated community that guarantees you and
your family a comfortable life and lifestyle. Our properties are surrounded by all the
necessary local hubs, ensuring you lead a life of convenience and comfort.
With a galore of options available for you, the decision to zero in on one property is not an easy task. We have curated a guide to help educate yourself with everything you need to know about buying a home.
Have you decided to invest in a home? Great! It is every family’s dream to own a home in an area of their choice. A home is essential to lead a complete family life, and we at DAC understand that more than anyone else. Today, buying a home has become a straightforward process, with multiple lenders offering you various loan options. So, you don’t have to wait for years to save up entirely to invest in an apartment.
While this sounds easy, the process can only be made seamless if you are an informed customer. You need to know what you are signing up for when you invest in a home or take a loan. As a buyer, you have to be able to answer a set of essential questions that steer you on the path to buying the right home.
This home buying guide in Chennai is to help you get ready for the investment you are about to make.
Before we go on to discuss the process of buying a home, let us take a look at the advantages owning a home comes bearing.
Owning a home is like owning your piece of land on earth. It tends to give you the feeling that you belong and you own something that is permanent and an asset.
When you are the sole owner of your home, the question of landlord and rental troubles are out the window. Your own house will tend to give you returns in the long run! Owning a home eliminates all uncertainties pertaining to a place that is rented out.
As opposed to a rented house, you have the freedom of making your residential space a home when you own it. You can customise your home in the way you like it without having to worry about getting approval from your landlord for a thing as small as drilling a hole in the wall! When you invest in a home with DAC, we offer a galore of customisation options that help you make the space your own. We assist you in every step of the home buying process, and customisation is part of the deal!
The principal and interest you pay towards your home loan always fetch you tax breaks. Consult your financial advisor to learn more about the different benefits that taking a home loan offers. Apart from this owning a home is still a more viable option than renting one. Here’s why – the rent you pay is an expenditure, whereas the EMI you pay towards your home loan is an asset in the making. At the end of the EMI period, you will have a permanent asset in your hands.
When you plan to buy a home, you compromise almost little to nothing. You pay close attention to various factors, including location, the builder, amenities, the price, UDS (Undivided Share) that the purchase would give you, and more. These are bound to provide you with good returns in the future.
Investing in a home while young will give you ample time to pay off EMI and settle the loan. By the time you retire, you will be home-loan free and ready for the joys that retirement holds!
There are many more advantages to investing in a home rather than renting one out. All said and done, your own home provides you with a sense of pride and would make you more confident about life.
To invest in a home in a smart and informed way, there are a few steps you must check off. Real estate investment involves a lot of intense planning, and you must be ready to shoulder the monetary responsibility it throws at you. This home buying guide in Chennai highlights all the crucial steps involved in the home-buying process.
First and foremost, create a checklist of all the things you are looking for in and around your home. Your list can have something as basic as a power backup or even a private terrace. Some of the specifications that should/can make it to the list include:
Investing in a house is an expensive affair, and therefore, budget is the next most important factor to consider in the homebuying process. You need to go back and assess your financial behaviour and monthly expenses. Make sure you do the following when you are budgeting for the home investment.
Once you are done with the budgeting process, you will know how much you can shell out of your own hands and how much loan you require. It is then time to scout banks and goes through different loan options available in the market. The following are a few important points to keep in mind while choosing your lender and the loan plan:
Like how lenders have to meet a few standards to be chosen by home buyers, you will also have to meet a few parameters set by lenders as a buyer to acquire a loan. Here are a few you need to maintain to be chosen by your lender easily:
A credit score of 750 and above is considered good. This will help you land the best of lenders with good loan plans.
Once you have shown a good credit score, your prospective lender will look into your credit report. They will study your financial behaviour in the past, look for unhealthy patterns in your payments. A bad credit report will dim your chances of acquiring a loan.
Lenders need to know that you are financially sound enough to take up the responsibility of repaying the money you borrow over the set period of time. This will involve monthly installments, and for this, you need to show them that you are a permanent employee in an organisation and plan to be employed there for the long haul. This will also assure them that you are someone who receives a regular salary.
If the set parameters are met by both the lender and you, the borrowing process will be a breeze.
You are done budgeting, learned what to look for in lenders, and have your options ready. It’s time to go back to the checklist you prepared in Step 1. Go through the list, and the first step is to browse the different builders who have properties in the area of your choice. Zero in on a few builders and properties and compare the list of things they provide with yours. Consider the following strictly:
These are some of the important points you cannot compromise on while looking to invest in an apartment.
Once you have zeroed in on a builder group, look into their past records and properties, plan 2-3 site visits (or more if required), talk to the occupants and even the team, and get your doubts clarified. If the prices are negotiable, get in conversation and settle for the best price.
DAC’s properties, spread across top residential areas of Tambaram, Chromepet, Pallavaram, Pammal, and Chitlapakkam, are surrounded by all the important local amenities, including the area’s leading hospitals, educational institutions, shopping zones, and places of worship. Invest in a DAC home and sign up for a wholesome living.
We hope this home buying guide in Chennai helps you in your home buying process. Team DAC wishes you the best in this venture!
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